ACC 212 EXAM #1 STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. Financial Accounting
Answer:
The field of accounting that focuses on providing information for external decision makers.
Question:
2. Manegerial Accounting
Answer:
Provides economic and financial information for managers and other internal users.
Question:
3. Manufacturing Costs
Answer:
consists of activities and processes that convert raw materials into finished goods
Question:
4. Direct Materials
Answer:
Raw materials that can be physically and directly associated with manufacturing the finished product.
Question:
5. Raw Materials
Answer:
the basic material from which a product is made.
Question:
6. Indirect Materials
Answer:
Not physically part of the finished product or they are an insignificant part of finished product in terms of
cost. Considered part of manufacturing overhead.
Question:
7. Direct Labor
Answer:
the work of factory employees that can be physically and directly associated with converting raw materials
into finished goods
Question:
8. Indirect Labor
Answer:
Work of factory employees that has no physical association with the finished product or for which it is
impractical to trace the costs to the goods produced.
, Question:
9. Manufacturing Overhead
Answer:
consists of costs that are indirectly associated with the manufacture of the finished product
Question:
10. Product Costs
Answer:
direct materials, direct labor, manufacturing overhead
Question:
11. Period Costs
Answer:
non-manufacturing costs; includes all selling and administrative expenses charged to expense as incurred
Question:
12. Total Work in porcess
Answer:
1. cost of beginning work in process
2. total costs manufacturing overhead in current year
Question:
13. Total Manufacturing Costs
Answer:
The sum of direct materials, direct labor, and manufacturing overhead incurred in the current period.
Question:
14. Cost of Goods Manufactured
Answer:
+ Beg WIP + DM used (Bed RM + RM Purchase - End RM) + DL + MO
- End WIP
Question:
15. Cost of Goods Sold
Answer:
Beg Finished Goods + COGM
- Ending Finished Goods
Question:
16. Product
Answer:
B/S COGM
Question:
17. Period
QUESTIONS AND CORRECT ANSWERS
Question:
1. Financial Accounting
Answer:
The field of accounting that focuses on providing information for external decision makers.
Question:
2. Manegerial Accounting
Answer:
Provides economic and financial information for managers and other internal users.
Question:
3. Manufacturing Costs
Answer:
consists of activities and processes that convert raw materials into finished goods
Question:
4. Direct Materials
Answer:
Raw materials that can be physically and directly associated with manufacturing the finished product.
Question:
5. Raw Materials
Answer:
the basic material from which a product is made.
Question:
6. Indirect Materials
Answer:
Not physically part of the finished product or they are an insignificant part of finished product in terms of
cost. Considered part of manufacturing overhead.
Question:
7. Direct Labor
Answer:
the work of factory employees that can be physically and directly associated with converting raw materials
into finished goods
Question:
8. Indirect Labor
Answer:
Work of factory employees that has no physical association with the finished product or for which it is
impractical to trace the costs to the goods produced.
, Question:
9. Manufacturing Overhead
Answer:
consists of costs that are indirectly associated with the manufacture of the finished product
Question:
10. Product Costs
Answer:
direct materials, direct labor, manufacturing overhead
Question:
11. Period Costs
Answer:
non-manufacturing costs; includes all selling and administrative expenses charged to expense as incurred
Question:
12. Total Work in porcess
Answer:
1. cost of beginning work in process
2. total costs manufacturing overhead in current year
Question:
13. Total Manufacturing Costs
Answer:
The sum of direct materials, direct labor, and manufacturing overhead incurred in the current period.
Question:
14. Cost of Goods Manufactured
Answer:
+ Beg WIP + DM used (Bed RM + RM Purchase - End RM) + DL + MO
- End WIP
Question:
15. Cost of Goods Sold
Answer:
Beg Finished Goods + COGM
- Ending Finished Goods
Question:
16. Product
Answer:
B/S COGM
Question:
17. Period
